Argentina’s stocks have tumbled after it defaulted on its sovereign debt by failing to repay U.S. hedge funds led by NML Capital. The firms bought Argentina’s debt for bargain prices and then refused to cut the value of their holdings — as most creditors did — after Argentina’s prior default in 2001. A U.S. judge blocked Argentina from repaying its other creditors without also paying the vulture funds, barring the release of an interest payment Argentina tried to make to avoid default. On Thursday, Argentine President Cristina Fernández de Kirchner said the term “default” is illegitimate because Argentina was blocked from paying.

President Cristina Fernández de Kirchner: “The causes of default are listed, for the 92.4 percent of bondholders, in the bond, in the contract itself. There is no cause where default is impossibility to get paid, because default is not paying. Preventing someone from paying is not default. I told them they would have to invent a new word, and they will have to invent this word.”

Argentina has signaled it could take the case to the International Court of Justice.